Jeonbuk Bank Issues Reported Bitcoin-Backed Loan in South Korea
Jeonbuk Bank has reportedly issued South Korea’s first traditional bank loan backed by bitcoin, letting businesses borrow won while retaining ownership of their coins.
South Korea’s Jeonbuk Bank has issued what local reports describe as the country’s first bitcoin-secured loan from a traditional bank, according to Bitcoin.com News.
The arrangement allows businesses to obtain financing in Korean won using bitcoin as collateral, rather than selling their holdings to raise cash.
Borrowers reportedly retain ownership of the pledged bitcoin instead of transferring it to the lender. The available report does not specify the loan amount, interest rate or collateral requirements.
Source: Bitcoin.com News
